Independent insurance agents and brokers posted new highs in all three major value creation categories of the Reagan Consulting Organic Growth and Profitability (OGP) survey released Monday.

In 2013, firms achieved a median organic growth of 6.2%, up from 6.1% in 2012; average EBITDA (earnings before interest, taxes, depreciation and amortization) margins of 18.4%, up from 19.3% in 2012; and average Rule of 20 scores of 16.5, with all of the top 25% of brokers exceeding 20 for the first time. The numbers mark the best revenue growth and profitability since the survey’s inception in 2008, just after the start of the economic recession.

“[Independent agents and brokers] are growing and they’re getting more profitable for each dollar of revenue that comes in—it’s really kind of a multiplying effect, so you end up with a double-digit growth in value,” says Kevin Stipe, president of Reagan Consulting. “That’s pretty exciting. Most agents are doing cartwheels.”

While the increases aren’t drastic, they’re positive—especially considering that as recently as 2009, agencies were shrinking by 1.8% organically and posting Rule of 20 scores around 7 on average. Noting the changes in 2013 represent a “kind of equilibrium growth rate,” Stipe says organic growth higher than 6% would require an incredibly strong economy or rates firming 5-10%.

“The growth is leveling out because the economy seems to be plodding along—and boy, have we learned in the last few years how sensitive broker growth is to what’s going on in the overall economy,” explains Stipe, who notes that growth tends to relate more to capital structure than agency size. “Most forecasts for economic growth for the U.S. in the coming year say we’ll keep growing. We’re not going into a recession, but it’s not exactly gangbusters.”

Another driving factor will involve the state of p-c rates for commercial lines. “Insurance carrier leaders remain kind of bullish on rates, but I don’t think we’re going to see much increase—probably a 0-5% increase year,” Stipe says. “And that’s good. We’ll take that. It’s much better than a soft market. But if you take those factors and line them up against last year, it’s about the same.”

Even if revenue and profitability growth begins to slow in the coming year, Stipe believes “these are good times for agents and brokers,” thanks to recent resumption of significant growth and restored profits over the last two to three years. “Agents and brokers fared quite well through the economic downturn,” he says. “We don’t expect that’s going to radically change in 2014.”

Reagan Consulting conducts the OGP survey by collecting self-reported confidential submissions from about 125 mid-size and large agencies and brokerage firms.

Jacquelyn Connelly is IA assistant editor.